One of Indiana's most influential gaming commentators told the Gary Chamber of Commerce on Monday the legislative stars are aligning in a way that could make a land-based casino near the Borman Expressway a reality.
Indiana Gaming Insight Publisher Ed Feigenbaum told about 50 chamber members that a Senate committee hearing for state Sen. Earline Rogers' land-based casino bill last session was a "watershed" event for something Gary first sought more than 20 years ago.
"It absolutely will come up this session," Feigenbaum said standing at a lectern at The Steel City Buffet & Grill. "I can't say it will go through this session. But look what happened in Illinois when they dallied."
Last week, the Illinois House voted down a gigantic expansion of gaming in that state, setting back hopes for a Chicago casino and another in the south suburbs.
Indiana legislative leaders now will be pushed to consider big changes for Indiana gaming as casino revenues continue to decline and new competition springs up in Ohio, Kentucky and, eventually, Illinois, Feigenbaum said. Making those changes this coming session would allow Indiana to switch to offense instead of playing defense against Illinois as it has up until now.
Listening closely to Feigenbaum on Monday were top executives from four of Northwest Indiana's casinos. Those included Majestic Star Casinos General Manager Larry Buck, Horseshoe Casino General Manager Dan Nita and Ameristar Casino Assistant General Manager Matt Schuffert.
Buck said he expects the possibility that at least one Majestic Star license could be moved to land to be an important consideration for its new board of directors. The Indiana Gaming Commission last week handed over the licenses for both Majestic Star casinos to Minnesota-based Wayzata Investment Partners, the casino company's largest creditor.
"I would expect that to be among their priorities," he said of the land-based proposals and the new board.
Feigenbaum reminded listeners the original idea in 1989 was to have one land-based casino in Gary. But when the legislative jockeying finally played out, Gary found itself with two riverboats.
Feigenbaum then trotted out a long list of today's needs that are about evenly divided between the state and casinos. The state, for instance, needs funding for bridges and other infrastructure while downstate horse tracks would like to add table games to their slot-machine "racinos."
Gary's land-based dreams could end up part of a total legislative package addressing all or at least most of them, he said.
All of that is coming against the background of a recession that is still affecting casino patrons two years after it officially ended, he said.
Total revenues at Northwest Indiana casinos dropped to $89.3 million in October, a decline of 4.75 percent from one year ago. It was the sixth straight month region casino revenues have fallen on a year-to-year basis.
"It's not people deciding between a Bears football game, a movie or high school football on Friday night," Feigenbaum said. "It's people deciding between making a mortgage payment and putting food on the table."